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Tuesday, 30 August 2016

The government has accepted the recommendations of a parliamentary panel to impose stringent accountability on celebrities for endorsing products and for misleading advertisements.

Celebrity brand
ambassadors could soon have to think twice before endorsing products that make
unrealistic claims, which can fetch them a jail term up to five years, apart
from penalty of Rs 50 lakh.

The government has
accepted the recommendations of a parliamentary panel to impose stringent
accountability on celebrities for endorsing products and for misleading
advertisements.

Following a nod to
the proposed official amendments by the Consumer Affairs Ministry, a draft
Cabinet note was moved, and the Law Ministry has cleared significant changes in
the existing legal regime to make celebrities liable for such advertisements.
The changes are expected to be cleared in a Cabinet meeting in the coming week.

Section 17 of the
revised consumer protection Bill defines “endorsement” as any message, verbal
statement or any other form of depiction to show a celebrity’s “likeness” for a
product, which leads the consumer to believe that it reflects the celebrity’s
opinion, finding or experience.

The Parliamentary
Committee on Food, Consumer Affairs and Public Distribution, chaired by J C
Divakar Reddy of Telugu Desam Party, had in its report in April suggested
an unambiguous definition of the term “endorsement” in the new law. The
legislative department of the Law Ministry has, therefore, defined the term
“endorsement” and also “endorser” as including individual, group or any
institution.

Section 75B of the
new Bill seeks to make any “false or misleading” endorsement which is
“prejudicial to the interest of any consumer” a penal offence, punishable with
a jail term of up to two years and a fine of Rs 10 lakh for the first such
offence, and imprisonment of five years along with a fine of Rs 50 lakh for the
second and subsequent offences.

According to the new
Bill, the onus would be on celebrity brand ambassadors to prove their
innocence. “It is a defence if it is proved that the endorser took all
reasonable precautions and exercised all due diligence before endorsing a
product or service, but mistaken belief shall not be a defence,” states the Law
Ministry draft of the new law.

Section 75A makes a
manufacturer and service provider also legally responsible for any false and
misleading advertisements, and prescribes penalties in the same manner in which
celebrity brand ambassadors have been made liable.

The proposed
amendments also lay down a mechanism to prosecute celebrities, stating a court
shall take cognizance of offences regarding false and misleading advertisements
only after a complaint is made by the Central Consumer Protection Authority
(CCPA), a new executive agency that shall be established to fill “an
institutional void in the regulatory regime extant”.

This agency would
have the authority to settle the first offence by celebrities on payment of a
compounding fee, but the brand ambassador shall be exonerated only if the trial
court accepts the settlement.

While ascertaining
the compounding fee, the agency would be taking into account the gross revenue
from sales due to the misleading advertisement, impact of the violation with
respect to the audience it affected, frequency and duration of the violation,
and the vulnerability of the class of people so affected.

The new law also
seeks to authorise the CCPA to make regulations for e-commerce, direct selling
and multi-level marketing. “The Central government may, for the purposes of
protecting the rights of consumers and to prevent unfair trade practices in
e-commerce and direct selling, may make such rules as may be necessary,” the
Law Ministry’s note says.

Monday, 29 August 2016

Azim Premji, Narayan Murthy, SD Shibulal, Kris
Gopalakrishnan, the Burmans, the Sundarams, Ajay Piramal and Patni brothers
keep some of the largest family offices in the country.

MUMBAI:
Nestled obscurely on the higher floors of plush commercial buildings across
leading metros are small office 'suites' without name boards, that serve a
growing number of super-rich in India. In fact, some of these offices --
famously called 'family offices' -- manage family wealth that can match the
assets of top companies such as Bajaj Auto, Cipla and Godrej Industries.

The
country is home to 90 mammoth single family offices (SFOs) that manage private
wealth in excess of $100 billion, according to an internal study conducted by
Association of International Wealth Management of India (AIWMI). An SFO,
loosely explained, is a firm that manages the personal wealth of one wealthy
family.

"The
numbers are growing steadily," said Aditya Gadge, chief executive of
AIWMI. "90 SFOs is not a big number for a country like India. There's a
lot of traditional business wealth here; all these would end in family
office-like structure over the next few years. New-generation entrepreneurs
would also add to the tally," said Gadge.

Azim
Premji (Premji Invest), Narayan Murthy (Catamaran Ventures), SD Shibulal, Kris
Gopalakrishnan, the Burmans, the Sundarams (TVS family), Ajay Piramal, Qimar
Rai Gupta family and Patni brothers, among others, keep some of the largest
family offices in the country. Each of these SFOs is believed to have assets in
the range of Rs 6000 crore to Rs 15,000 crore.

"Old
business families are cashing out of their businesses... The money these
families receive upon selling their businesses are channelled into their own
investment firms or family offices," explained Amit Patni, scion of the
Patni family which once owned Patni Computers.

"Dividend
payouts, partial stake-sales, public listing of shares, et al, are also
increasing promoter wealth. All this money is flowing into formal family
office-like structures," said Patni. SFOs invest across asset classes and
geographical boundaries.

Over
40% of the wealth is invested in equities -- both private and publicly listed.
Within equity, start-up investing is the latest fad among most SFOs.

Capital
pools such as Narayan Murthy's Catamaran Ventures is learnt to have (direct and
indirect) investments in over 100 start-up ventures. Azim Premji's Premji
Invest has money parked in Flipkart, Myntra and Snapdeal. Ajay Piramal's SFO is
ploughing in as much as $50 million into Montane Venture, an early-stage fund,
as its anchor investor. (See graphics) Apart from equity investments, SFOs also
allocate money to real estate projects and real estate REITs and NCDs. Infosys
co-founder SD Shibulal has invested in more than 700 apartments spread across
Seattle and Bellevue area in the United States. Mutual funds and alternative
investment vehicles (such as private equity funds, long-short funds) are also
lapped by active single family offices. A few families also make good use of
RBI's liberalised remittance scheme (LRS) route to invest in overseas assets
(mostly technology companies, real estate and commodities).

Under
LRS, a resident Indian can invest up to $250,000 in overseas assets every year.

"Capital
preservation and growth are important for family offices. To manage funds
effectively, SFOs appoint dedicated investment professionals who are given
broad directions as to how the fund should be managed. Generating returns is
then the job of the wealth manager," said Patni.

Promoters,
who cash out of businesses completely, lay a lot of stress on capital
protection. Many a time, familial discord or lack of interest to carry on
business (especially among new generation) prompts families to cash out. The
wealth accumulated by selling the business is managed diligently by
professionally-managed SFOs.

"Family
offices take care of almost everything, right from investments to tax planning,
estate and succession planning.

People
with reasonable assets would set up family offices and hire professionals to
manage them," said Deepak Natraj, managing director, Aarin Capital, the
proprietary investment vehicle of former Infosys CFO Mohandas Pai and Manipal
Group Scion Ranjan Pai.

"Family
offices also help to weed out conflict of interest. Personal wealth and
business wealth are clearly demarcated -- and managed separately," Natraj
added.

While
SFOs are the preserves of the rich, the not-so-rich can avail themselves of the
services of multi-family offices (MFOs) to manage their wealth. MFOs take
wealth management mandates from smaller families for a fee every year. There
are close to 30 MFOs in India, reports AIWMI.

Friday, 26 August 2016

Cidco,
the agency overseeing the project, expects construction work to begin on the
site by the end of next monsoon or in a little over 13 months

MUMBAI: Mumbai's air gridlock may
start easing in the next four years. The Centre on Thursday said the Navi
Mumbai International Airport, which is to act as the aerial bypass to the
choked-to-capacity Chhatrapati Shivaji International Airport, may start operations
by December 2019.

Minister of state for civil aviation Jayant Sinha
told Lok Sabha , "Selection of concessionaire on public-private
partnership basis shall be finalized by December. All major clearances have
been obtained, 160 hectares have been acquired... Phase-I of aircraft
operations with capacity to handle 10 million passengers per annum is expected
to commence by December 2019."

Cidco, the agency
overseeing the project, expects construction work to begin on the site by the
end of next monsoon or in a little over 13 months. Cidco VC and MD
BhushanGagrani toldTOI that the agency was
working in three areas simultaneously so that the late-2019 target could be
met. "The request for quotation work is over. We have issued financial
bids to the three shortlisted companies (led by Tatas, GVK and GMR). By
September-end, we should be ready with the concessionaire."

Wednesday, 24 August 2016

PUNE:
The Kondhwa police on Saturday booked two Mumbai-based builders and their nine
associtates for allegedly taking money from home buyers but failing to hand
over apartments within a stipulated time frame.

The
builders have been booked under relevant sections of Maharashstra Ownership
Flats (Regulation of the promotion of construction, sale, management and
transfer) Act and Maharashtra Regional Town Planning Act and Maharashtra
Apartment Ownership Rules and the cheating and forgery sections of the Indian
Penal Code. This was the second offence registered against builders under MOFA.

Recently,
the Pune rural police booked Dehu Road-based builders for not executing a
conveyance deed for flat owners at a housing complex in Dehu Road.

Mahavir
Pawar, a resident of Balajinagar, who has yet to get the possession of his flat
in the housing complex constructed by the builders in Tilekagarnagar in
Kondhwa, has lodged the police complaint.

Pawar
told TOI it was not an easy task to lodge the complaint, adding that it was
registered only after the intervention of state director-general of police
Praveen Dixit.

Pawar
had booked the flat in July 2010. The builders had promised to give the
possession of the flat in July 2011. "I have paid the cost of the flat of
Rs 19.27 lakh to the builder. For the last five years, I have been waiting to
get possession of my flat," Pawar said.

Pawar
said that he had sold his flat in Balajinagar and also obtained loan from a
bank for the flat. "I am paying heavy EMIs and rent of the flat where I am
currently stayingToday I have become literally homeless," he said.

He
added that some residents have taken the possession of their apartments in the
complex. "But the builders are harassing them too. They have sent notices
to the residents for extra Rs 1.5 lakh and the charges for water tankers and
other things," Pawar said.

Pawar
said the if any one wants to take the possession, the builders forced them to
sign the supplementary agreement. "They were asked to sign the agreement
inside the office and were not allowed to take the agreement outside,"
Pawar alleged.

He
said that when he booked the flat, the name of the scheme was different.

Monday, 22 August 2016

There
is no capital gains tax if the purchase price of the residential house in which
the reinvestment is made exceeds the sale proceeds.

MUMBAI:
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a
taxpayer cannot be denied investment-related tax benefits if due to a builder's
fault the taxpayer does not get timely possession of a house in which the
reinvestment was made.

The
Income-Tax Act provides for benefits relating to capital gains tax, where sale
proceeds of any asset other than a house (section 54F) or sale proceeds of a
house (section 54) are reinvested in a residential house property in India.

There
is no capital gains tax if the purchase price of the residential house in which
the reinvestment is made exceeds the sale proceeds. In other cases, the capital
gains, and thus the tax outgo, is proportionately reduced.

There
are conditions to be eligible for such tax-breaks. The original asset (or
house) that has been sold must have been held by the taxpayer for more than
three years (long-term capital asset). Also, the residential house property in
which money is being reinvested has to be purchased within the specified period.

At
times, the house is not available for possession within the agreed time.
Projects get stalled as builders have not got permission or have run out of
funds. This is common in Mumbai, Noida and Gurgaon, and results in the buyer
losing tax benefits.

Kanu
Chokshi, managing partner at Chokshi & Chokshi, a firm of chartered
accountants, said, "This judgement will help taxpayers claim exemption
under sections 54F and 54, even where agreements are not executed with the
builder and investment is made against an allotment letter, provided that the
reinvestment is made within the stipulated time."

Rajeev
B Shah had filed an appeal with ITAT, which adjudicates I-T disputes, as his
claim under section 54F was rejected by the authorities during tax assessment.
The I-T authorities said the residential flat in which the reinvestment was
made was incomplete and the registration document was not filed by the taxpayer.

Section
54F requires that reinvestment in the residential house property, by way of purchase,
subsequent to the sale of the original asset, must be within two years.

Shah
had sold a plot in Rajkot, Gujarat, and reinvested in a residential flat which
was under construction in La Citadel, being developed by Seth Developers and
Poonam Builders.

Shah
appealed to ITAT that the builder had been avoiding customers due to disputes
and the project was stalled. He had also filed a civil suit against the builder
and the matter was pending in the Bombay high court.

ITAT,
in its order of July 8, ruled in favour of Shah and held that "the
intention of the taxpayer is very clear, he has invested almost the entire sale
consideration of land towards purchase of this residential flat. It is almost
impossible for the taxpayer to complete other formalities, such as taking over
possession for getting the flat registered in his name. This cannot be the
reason for denying the taxpayer's claim for tax benefit."

Friday, 19 August 2016

It's
the story of Bombay and Mumbai. As the city got divided into those who made
fortunes and the rest who were still renting, the realty landscape too
underwent an overhaul.

It
is almost two decades, post liberalisation since the Indian property boom story
began. Since 1996, average house prices have risen by almost 300 percent across
Maharashtra, while in Mumbai alone, the figure is close to 600 percent,
according to House Price Index. Such enormous increase in prices have
definitely benefited the buy-to-let landlords, who have earned returns of at
least Rs 20,000 for each Rs 1000 they invested 20 years ago.

Yet,
it remains a fact that very few of the people who had invested into properties
years ago would have analysed the huge financial impact their decisions would
have on their future. We spoke to some of those people who purchased their
property; rented those out and then looked at re-investing once again. This is
also a tale of Bombay and Mumbai, where some have made a million bucks, while
some regretted their decisions made years ago.

In
1996, 64-year-old Meera Rao, a city-based professor invested into a three-BHK
apartment in Lokhandwala, Andheri for around Rs 30 lakh. She and her husband
paid for it partly by cash and bankloan. After a couple of years, they moved to
the US. Meanwhile, they rented the flat out for Rs 25,000 per month.

After
a five-year stint in the US, they returned to the same apartment. The apartment
is now worth Rs 2.5 crore. "It's really amazing, the way prices have
multiplied over the years. We started off our first stage of investment, with a
Rs five-lakh down-payment. We managed the rest with our savings and loan. And
now several years down the line, we realise that was the best decision we had
taken," says Rao.

In
1996, 42-year-old Jay Bhatia, an advocate with Bombay High Court invested into
a land in Vashi. He paid around Rs four lakh for the same from internal
funding. In a few years, he was moving overseas with his family for a work
opportunity. In around 2007, he sold off the land for Rs 3 crore. "We
didn't think so much then. Selling it seemed wise. I regret it today because
the same land is now worth around Rs 10 crore!" says Bhatia.

Experts
feel any kind of gain or loss is also notional and not absolute. "People
who sold off any property midway at a seemingly lesser price have still
received a significant appreciation in value. They might have needed that money
at that point of time. And any high price appreciation, post that, does not
really matter to them," says Pankaj Renjhen, MD (retail services) of Jones
Lang La Salle.

In
1996, 62-year-old Rajesh Goswami, an ex-banker bought a small 1-BHK apartment
in the heart of Malabar Hill for around Rs 75 lakh, which is now worth Rs three
crore.

"Mumbai
is full of discerning customers who totally know when to invest and where to
invest. The economy back in the mid-90s was different from what it is now.
Hence, people who invested into property back in 1996 and never sold off are
now definitely sitting on a goldmine," says Boman Irani, chairman,
Rustomjee Group. Bombay has essentially transformed into Mumbai, over the
years, and people, living here, completely vouch for it. And the tales of two
completely distinct times have now merged as one single evolving reality.

Tuesday, 16 August 2016

Salman Khan has started construction of a sprawling holiday
home; plans to bring in his 51st birthday there.

Salman
Khan has started construction of a sprawling holiday home; plans to bring in
his 51st birthday there.

In
2008, Salman Khan had purchased a 100-acre property at Gorai beach. Eight years
later, the actor is constructing a plush 5-BHK on the property with plans to
make the sea-facing, picturesque bungalow his annual holiday home.

Visualise
swaying palms, a huge iron gate to keep unwanted star-gazers and visitors out
and inside, a sprawling, two storey farmhouse with a gymnasium, swimming pool
and a viewing theatre. Behind the house there will be a dirt biking arena for
the all terrain motorbikes the actor owns. Simultaneously, two other bungalows
are also being built for famiy and guests on the same estate.

"Salman
plans to construct farmhouses like these all over North-Eastern Maharashtra. He
is extensively investing in property in Gorai and Manori and often goes there
by boat from the jetty at Madh island. His real estate purchases in Gorai have
sparked interest of other Bollywood celebs who are looking at investing in
islands located on the Salsette and Bhet coastal regions," a source close
to the development informed Mirror.

Last
year, Salman hosted a lavish birthday bash at his 150-acre property in Panvel
where he often stays. This year, with him making public appearances with
Romanian modelgirlfriend Iulia Vantur, rumour mills have been buzzing about the
actor tying the knot this December. We don't know if there's any smoke to the
buzz but according to the source, Sallu will ring in his 51st birthday with
pomp, cake and a sunset on the beach at his Gorai farmhouse.

Saturday, 13 August 2016

In an affidavit, the Noida Authority had agreed to increase
its compensation by 64.7% and 10% land to its legal opponent Maharishi
Vidyalaya.

NOIDA: Nearly 5,000
homebuyers in Noida's Sector 107 are a relieved lot after the Allahabad high
court disposed of all petitions against the land acquisition in Salarpur
village, on which the Sector 107 project stands.

In an affidavit, the
Noida Authority had agreed to increase its compensation by 64.7% and 10% land
to its legal opponent Maharishi Vidyalaya. The case was then withdrawn and
nullified by Maharishi Vidyalaya, the trust that had challenged the
acquisition. The Allahabad high court was hearing a review petition against the
acquisition, sent by the SC.

However, the high
court is yet to give a written order. The hearing in a parallel case for the
same land will be held in the Supreme Court on July 19, following which the
issue is expected to be fully resolved.

"In view of the
order passed on July 11, 2016, the construction of flats can now be completed
by the builders and possession can be handed over to allottees," said
Manish Goel, counsel for the buyers in the high court.

"We are
relieved. At least now, the houses can be completed and handed over. It has
been a long-drawn struggle. This is a success for buyers," Puneet
Parashar, a Sector 107 homebuyer, who has been leading the movement from the
front, said.

The homebuyers had
over the last few years staged dharnas, blocked roads, held demonstrations and
even ran a social media campaign to draw attention to their problem. The
litigation has been running parallel in the Supreme Court and the Allahabad
high court.

Arun Kalra, another
representative of the Sector 107 homebuyers' group, said all the buyers were
relieved that now the project was out of the ambit of lawsuits.

Wednesday, 10 August 2016

The civic agency has asked the builder to get an audit done
of all elevated structures on the premises of the housing society by an expert
team from IIT and file a report within a week.

GHAZIABAD:
The Ghaziabad Development Authority (GDA) has issued a notice to the builder of
ATS Advantage following the collapse of a portion of an 'elevated structure',
meaning a protruding structure or a small balcony in which a slab is supported
by iron bars on both sides.

A
part of the elevated structure fell from the 24th floor of one of the 23 towers
in the housing society in Indirapuram's Ahmisa Khand 1 on Sunday. The civic
agency has asked the builder to get an audit done of all elevated structures on
the premises of the housing society by an expert team from IIT and file a
report within a week.

Y N
Chowdhary, assistant engineer, GDA enforcement wing, told TOI that a portion of
the elevated structure had fallen from the 24th floor of Tower No. 18 on
Sunday. "Though no one was injured in the accident, the residents filed a
complaint with the GDA," Chowdhary said, adding, "The very next day
our team inspected all 23 towers and found technical faults with the elevated
structure following which a notice was issued to the builder."

According
to the notice, ATS Builder has been asked to carry out maintenance work as the
elevated structure angle in the different towers has partially rusted. "We
have asked the builder to get the technical fault rectified and seek the
assistance of an expert committee from IIT and file a report within one
week," Chowdhary said.

When
contacted, Anand Gitambar, CMD, ATS Builder, told TOI that it was a minor
incident wherein a portion of the elevated structure gave way and, in keeping
with the directive of the GDA, an audit of all 23 towers in the society has
been done. "We will follow the GDA's direction, get rid of the technical
fault with the structures and file a reply shortly," Gitambar said.

Ashok
Kumar, president, ATS Advantage AOA, told TOI that the structure giving way
like this was a serious issue and after Sunday's incident residents panicked
that a recurrence of the collapse could result in a human casualty. "So,
as a precautionary measure a complaint was filed with the GDA which inspected
the towers and did find technical faults with the structures," Kumar said.

Close
to 6,000 residents live in ATS Advantage's 23 towers that have 24 storys each.

Monday, 8 August 2016

DDA
clarified that the provisions were in the government’s favour and, in no way,
did they support the builder lobby.

NEW DELHI: A day after PWD minister Satyendar Jain
alleged that the Delhi Development Authority had modified the Transit Oriented
Development policy to benefit private builders, the DDA on Wednesday said the
provisions had been "misunderstood".

In a press statement, DDA clarified that the provisions were in the
government's favour and, in no way, did they support the builder lobby.

Under the clause related to public and semi-public plots, the revised
policy states that the development control norms shall be as per the "use
premises prescribed in lease conditions". The DDA statement clarified:
"This condition has been proposed specifically for facility plots and
plots allotted for transportation and public and semi-public use. If (the)
lease conditions are not imposed, then private allottees who have been allotted
land by the DDA or L&DO on concessional rates in the past shall change the
use of the premises and get windfall gains and, at the same time, the
facilities will get reduced."

The DDA said the proposed FAR of 400 was applicable to all plots in the
TOD zone, irrespective of the land-use. It said: "In the last 60 years, a
large number of plots have been allotted to non-government organisations under
public and semi-public facility at concessional rates to provide basic services
. Since such non-government bodies cannot be allowed windfall gain by diverting
public/semi-public facility plots from public domain to residential,
commercial, industrial and mixed-use in the private domain, TOD regulations
have been explicitly included."

Friday, 5 August 2016

The company will be seeking approval from its shareholders at
the upcoming AGM on August 11 for the same.

NEW DELHI: Godrej Industries plans to invest Rs 600
crore in its two group companies - Godrej Properties and Godrej Agrovet -
through subscription/purchase of shares.

The company will be seeking approval from its
shareholders at the upcoming AGM on August 11 for the same.

"The company proposes to invest in its
subsidiaries, Godrej Properties Ltd (GPL) and Godrej Agrovet Ltd (GAVL) up to
an amount of Rs 300 crore, each, as it considers it to be a good investment
opportunity," Godrej Industries said in a letter to shareholders.

While GPL is into real estate development and GAVL
is an agri-business company.

Godrej Industries' current investment in GPL is Rs
726.78 crore holding 56.73 per cent stake, while in GAVL it has invested Rs
143.98 crore with a shareholding of 60.81 per cent.

The company is also seeking approval from its
shareholders to enable it to "acquire by way of subscription, purchase or
otherwise, the securities of GPL and GAVL, exceeding 60 per cent of its paid-up
share capital, free reserves and securities premium account or 100 per cent of
its free reserves and securities premium account, whichever is more."

Besides,
Godrej Industries is also seeking approval for "reappointment and terms of
remuneration of N B Godrej as Managing Director of the company, for a period of
three years from April 1, 2017 to March 31, 2020".

Wednesday, 3 August 2016

Pune: A real estate agent was arrested on Tuesday
night for allegedly forging documents to sell off an acre of land belonging to
the wife of a retired customs officer.

A magisterial court on Wednesday sent the real
estate agent, Pradeep Gulabrao Deotale (33), in police remand till July
16. Deotale from Dhanoriis the fourth person arrested in the case.

Police had earlier arrested real estate agent Ajit Kataria, also from Dhanori, and impersonators Karamjeet Labsingh Kaur and
her son Gurmeet from Jabalpur.

Senior inspector Khanderao Khaire, the Market Yard police station
incharge, on Wednesday said Karamjeet Kaur Harnik Singh, the wife of a retired assistant
commissioner of customs department residing in Navi Mumbai at present, had
purchased the one acre land for Rs 40,000 in 1980s. But her registration
documents were lying in the office of the sub-registrar concerned since then.

Khaire said real estate agent Kataria had obtained
documents of Kaur's property from the sub-registrar's office, gave its
photocopy to Deotale and allegedly conspired with him for selling the land to a
prospective buyer.

He said Deotale brought an impersonator from
Jabalpur, whose name was alsoKaramjeet Kaur, and her son and allegedly sold the
land for Rs 1.6 crore to businessman Shrenik Khabia from Ahmednagar in 2013.

The fraud came to light after the original land
owner obtained 7/12 extract in 2015 and found the land was sold to Khabia.
She subsequently registered a complaint of cheating and forgery with police on
May 30, 2015.

Joint commissioner of police Sunil Ramanand said investigations revealed that
Khabia had paid money by cheque to the impersonator, Kaur, who in turn had
transferred Rs 40 lakh in the bank account of Deotale.

Ramanand told TOI Deotale was arrested in New Delhi
following a tip-off and brought to Pune for investigations. Since businessman
Khabia is in possession of the property now, the original land owner would have
to move the revenue department for cancelling the sale deed to claim its
possession.

The incident is tip of an iceberg
because a racket of middlemen involved in producing impersonators for original
land owners whose property documents were lying in sub-registrars' office was
active in Pune, he added.